Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomePMN BusinessBP CEO Says It's 'Prudent' to Stop Calling Company a SupermajorBP Plc Chief Executive Officer Meg O’Neill said it’s “prudent” to stop thinking of the company as a Big Oil supermajor, a significant shift in how she wants investors to judge the oil giant as she works to reverse years of under-performance.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.Meg O'Neill Photo by Brent Lewin /Photographer: Brent Lewin/Bloomb(Bloomberg) — BP Plc Chief Executive Officer Meg O’Neill said it’s “prudent” to stop thinking of the company as a Big Oil supermajor, a significant shift in how she wants investors to judge the oil giant as she works to reverse years of under-performance.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorRather than trying to match larger rivals Chevron Corp., ExxonMobil Holdings Corp., Shell Plc and TotalEnergies SE, O’Neill said BP should focus on competing within its own “weight class” and concentrate investment in its strongest businesses instead of trying to maintain a sprawling footprint. “The reality is we need to make sure we’re competing with players at our size,” O’Neill said Tuesday during an earnings conference call with analysts. “We want to be in the best basins, but we can’t be in every basin.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe remarks are among O’Neill’s clearest strategic statements since taking the helm in April, the first outsider CEO in BP’s more than 100-year history. They also represent a change of course for a company that helped define the modern supermajor. BP’s acquisitions of Amoco and ARCO between 1998 and 2000 ushered in a wave of industry consolidation, prompting rivals including Exxon and Mobil, Chevron and Texaco, and Total with Petrofina and Elf to combine into today’s oil giants.Since starting in her role, O’Neill has accelerated asset sales and acknowledged that it has “too many assets.” The company last week announced it was selling its UK North Sea business and on Tuesday announced plans to sell its US biogas producer Archaea Energy. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.